There are several e-wallets that can be used for deposits and withdrawals at online casinos, but two of the most popular are undoubtedly Neteller and Skrill.
Neteller first launched in 1999, so there is already more than two decades of experience behind it. It was created by Optimal Payments PLC, a British company, but it has since changed hands many times. Today, Neteller is part of Paysafe, a hugely respected presence in the fintech industry. Neteller is available around the world and while it was designed with online gambling in mind, it can be used at numerous online merchants and as a way to pay individuals. The company offers numerous services including online payments, prepaid cards, and more.
Skrill is almost as old as Neteller, it was launched in 2001 and originally known as Moneybookers. In 2002, Neteller became the first European e-wallet to be regulated by the UK’s Financial Conduct Authority. Skrill has also changed hand a number of times, it was purchased by Investcorp Technology Partners in 2007 and then become part of eBay. Skrill actually purchased Paysafecard as well as Ukash. However, today it too is part of Paysafe and it now operates in more than 120 countries and accepts 40 different currencies. Impressively, Skrill has won the Payments System of the Year at the EGR B2B Awards twice and the Money Transfer Solutions award from CFI.co.
How to Make a Deposit
Depositing with an e-wallet at Spin Rio casino is very straightforward. Of course, the first step is to create your e-wallet account and fund it. Once that is done, you can return to the casino and follow these steps:
- Step 1: Click on the Cashier button.
- Step 2: Click on the Deposit button.
- Step 3: Select your preferred e-wallet.
- Step 4: Follow the onscreen instructions. Usually you will be redirected to the e-wallet page where you will have to login and then confirm how much you wish to deposit.
- Step 5: Confirm your payment.
- Step 6: Return to Spin Rio and start playing!
With most e-wallets, there will be an extended confirmation procedure the first time that you make a deposit. However, if you save Spin Rio as a trusted merchant, this will only be necessary the first time.
How to Withdraw
Using an e-wallet to withdraw your winnings is very straightforward and it is also one of the fastest withdrawal methods available. Just follow these simple steps:
- Step 1: Click on the Cashier button in the lobby.
- Step 2: Click on the Cash Out button.
- Step 3: Choose your e-wallet as your cashing out method.
- Step 4: Fill out the fields with the required information. Normally you will just have to supply the amount you wish to withdraw and the email address linked to your e-wallet account.
- Step 5: Click on the Cash Out Request button.
Your withdrawal request will then be processed and the funds transferred to your e-wallet within two business days. As with any payment method, it is necessary to first verify your identity and you will have to ensure that you have fulfilled any bonus wagering requirements before you are able to withdraw funds.
Pros and Cons of e-Wallets
All online payment methods have advantages and disadvantages, and e-wallets are no different.
There are several advantages to e-wallets. They are very easy to set up and they offer a highly secure method of making online payments. It is easy to link an e-wallet to a credit or debit card and it means you will not have to enter your card information at the casino. Furthermore, most e-wallets have several other ways of topping them up.
e-Wallets are an excellent option for those worried about privacy as they greatly reduce the amount of information you need to provide when making payments at Spin Rio. However, it is worth pointing out that this is somewhat negated by the fact that we are required to verify your identity.
In general, e-wallets are highly reliable. They are regulated by the FCA, which demands very high standards of security and customer protection. Some e-wallets even offer loyalty schemes, which means that you can earn rewards each time you use them to make a transaction. However, the main advantage of e-wallets has to be speed. Deposits are instant and so are withdrawals once the request has been processed. Furthermore, transferring funds from an e-wallet to a bank is also usually instant.
On the other hand, there are some disadvantages. To begin with, you will have to create an e-wallet account, and some may find this cumbersome. Furthermore, some e-wallets impose relatively small transaction limits. However, the biggest disadvantage is that many e-wallets charge fees. There may be fees for funding the e-wallet, transferring funds to the e-wallet, receiving funds to the e-wallet and transferring funds from the e-wallet. While the fees are usually minimal, it is important to be aware of them.
Safety and Security
e-Wallets implement several measures to ensure that they are safe. For instance, all of them use things such as SSL and 128-bit encryption as well as 2-step authentication to protect customers’ privacy and money. Furthermore, as noted many of them are regulated by the UK Financial Conduct Authority, which ensures that it held to very high standards of security. In fact, there is little difference between the security used by banks and by e-wallets. Furthermore, if you are playing at multiple online casinos, using an e-wallet ensures that you do not need to share your banking information with multiple sites. As such, as long as you are using a respected e-wallet (and we only accept those that are at Spin Rio), you can be sure that your money and privacy are safe.
Considering that e-wallets were designed specifically for making online payments, it is no surprise that they are an extremely popular payment method. Whether you choose Neteller, Skrill, or any other, you will find that depositing and withdrawing is fast, easy, and most importantly, secure. The only drawback is that e-wallets do usually charge some fees. However, they are normally very small and for most people, the benefits of using one easily justify the cost.